Hi, I’m making this plan so I can have clear goals to overcome, since I tend to become overwhelmed easily.
I’d love opinions from experienced traders on this plan, and any gaps in my plan in terms of what to learn. Also a small disclaimer, I know that learning a subject isn’t so black and white; however this is just meant to be a rough overview of what there is to learn currently, albeit in bite size chunks. Also this helps me perceive trading successfully as a much more tangible goal as a newbie.
Part 1: Go through babypips school enough times to gain a complete understanding of its content.
Part 2: Learn a simple strategy from the net (can be before completing part 3), and start demo trading. Focus on sticking to the strategy, money management/psychology and gaining a firmer grasp on my broker’s platform, rather than profit.
Part 3: Research what books/sites to read pertaining to technical analysis, fundamental analysis, sentiment analysis, money management and trader psychology (to deepen my knowledge). Then learn what makes good strategies (in different market environments), and how to create one.
Part 4: After gaining a strong grasp on topics pertaining to part 3, start demo trading with a strategy I’ve created. I should aim to create the strategy based around my perceived strengths in the types of analyses. After I create my first strategy, learn how to back-test it properly. Then finally refine the strategy after learning my real strengths in the types of analyses through experience. (Back test this too of course).
Part 5: Once I make consistent profits from my strategy while demo trading, start live trading with a small account. Do this while making sure to stick to what I’ve learnt from demo trading, instead of gambling after losses. Increase deposit based on performance.
Final part: Keep learning more so that I can keep up with market environments etc.
I’m planning to dedicate 4-5 years before even considering becoming profitable as a trader (I know I could be profitable earlier but I’m trying to be realistic). I’m going to be learning how to trade alongside my degree in computer science. I’m only 19 and have 4 years left of my degree (if I pass lol), so I’m not worried about making money quickly. Plus I’m hoping the degree will help in potentially creating algos for my trading.
Thanks for reading!